Saudi Arabia increased its crude oil production to approximately 9.8 million barrels per day (b/d) in June, surpassing its OPEC+ quota, according to the International Energy Agency (IEA) and tanker tracking sources. This production level made Saudi Arabia the second-largest OPEC member exceeding its quota in June, after Kazakhstan. The Saudi Energy Ministry acknowledged a brief exceedance of supply limits but stated that the excess volumes were not sold domestically or internationally and were redirected as a contingency measure. Saudi Arabia maintains that it remained fully compliant with its voluntary OPEC+ production target in June. The kingdom has requested that OPEC monitoring agencies adjust data reporting to reflect compliance with production quotas, amid efforts to manage perceptions of its output levels. The production increase was reportedly in response to ongoing regional tensions. Saudi Arabia has previously criticized other OPEC members for overproduction while simultaneously boosting its own output last month.
Amazing how Saudi and OPEC has to constantly defend itself from the @IEA agenda, and disgruntled media pundits working at major outlets. https://t.co/p8GZNWc6ai
Saudi Arabia Boosted June Output Amid Regional Tensions – Energy minister
Saudi Energy Ministry announces Saudi Arabia will increase oil production in June amid ongoing regional tensions.